Cube Highways and Infrastructure III Pte Ltd. (Cube Highways), a Singapore-based company, will acquire a 100% stake in Reliance Infrastructure Limited’s (Reliance Infra) Pune Satara Toll Road (PSTR) project, Reliance Infra said on Friday.
The enterprise value for the PS Toll Road transaction is estimated at Rs 2,000 crore.
PS Toll Road Pvt. Ltd. is the special purpose vehicle (SPV) that operates the project.
“The transaction represents a significant milestone in Reliance Infrastructure’s ongoing strategy to monetize non-core assets, enhance financial flexibility, and focus on long-term value creation,” Reliance Infra said in a press statement.
As part of the transaction, Reliance Infrastructure is expected to realize equity proceeds of Rs 600 crore. The funds will be strategically deployed towards future growth initiatives in core business areas.
In addition to value realisation, the transaction is expected to result in a reduction of consolidated debt by Rs 1,400 crore, thereby further strengthening the company’s balance sheet, it said, adding that it continues to maintain a zero-debt position on a standalone basis.
PS Toll Road Pvt. Ltd. was established to develop, operate, and maintain a 140-kilometre six-lane expressway between Pune and Satara in Maharashtra, along National Highway NH-4 (now NH-48).
Developed under the Build-Operate-Transfer (Toll) model, the project forms a crucial segment of the Golden Quadrilateral, enhancing connectivity between Mumbai and Bengaluru. Toll collection on the corridor commenced in October 2010.
The transaction is expected to be completed by the end of this month, subject to requisite regulatory approvals.
This transaction marks the second toll road deal between Reliance Infrastructure and Cube Highways.
In 2020, Reliance Infrastructure completed the sale of its Delhi-Agra Toll Road asset to Cube Highways for a total consideration of Rs 3,600 crore.
Reliance Infrastructure currently operates a diversified portfolio of seven toll road assets, spanning a total length of approximately 2,468 lane kilometres across key high-traffic corridors in India.
These projects, the company said, are strategically located to support regional connectivity, facilitate freight and passenger movement, and contribute to the country’s core infrastructure development under public-private partnership models.
